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How we've helped others find the best contractor business bank accounts

As a contractor, it's important that you choose the right bank account.

• We help contractors across the UK switch

• We work hard to negotiate the best deals

• We help contractors to compare with ease

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Start-up

For a start-up, many banks will offer an introductory free banking period which means that you won't face monthly charges for using the account! However, other fees may apply.

What's important?

• Additional fees for paying with cash

• Is your branch local enough for you to get to?

• Many banks will offer support to start-ups, whether that is offering a mentor or someone to help with software

• All fees must be checked in case they are relevant to your business

• It's not always the safest option to go with your current bank unless you have done the above and it fits into your businesses criteria!

Basic accounts generally offer no monthly fee, with fixed fees on payments in and out, withdrawals and deposits - meaning you'll always know what you're paying.

Switching

It's a fact that people are more likely to divorce their other half than switch their business bank account. If you are worried about switching, then you shouldn't be as all business accounts are covered by a 7-day switcher guarantee. (Just make sure your bank is registered with this scheme!).

What's important?

• Don't just look at the free period, work out how much it will it cost after the fee free period

• Ensure you know all fees relevant to your business to avoid surprises!

• Switching can be done within 7 days

• Make sure that those you bill are aware

If you are savvy enough to use online banking regularly then you may want to ask other business owners what their thoughts are on the application. Standards of online banking vary and no one wants to go backwards when they are trying to move forward.

Bad credit/No credit

If you are having trouble setting up a business bank account or switching from your current one, then there are still options available where you can avoid credit checks.

What they offer:

• Debit cards

• Online banking

• The ability to pay into post offices or other establishments

• Potential improvement on your credit rating

• Quick setup and going to the branch is not required

Fees on the account can be paid monthly or annually. The account is simple and easy to use and it can also be cheaper than a standard business bank account!

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Contractor business bank accounts

Business accounts for contractors are very simple and straightforward, they are designed for individuals who are classed as contractors, self-employed or sole traders. Those who fit into these professions will generally use their business accounts for a much smaller amount of transactions, they will usually have smaller balances on their accounts – compared to larger businesses. A high street bank may not be required in this case.

Accounts for contractors can also have less restrictions than those for larger companies, this includes the fact that no minimum balance is required and that the application process is much simpler. A less complicated application process can be a huge help when it comes to setting up a contracting business it can also save you some time during the set up – as your own time is very precious!

Even though contractor accounts are created to have a simpler application process than standard accounts, they will still offer you the same benefits, such as direct debits, potential overdraft options and online account management.

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Benefits of contractor current accounts

No minimum balance required

As contractors generally have lower levels of transactions than large businesses, most contractors accounts have no minimum balance requirement.

Control your account online

Many business bank accounts include the option to manage your account and payments online, giving you greater control of your finances.

Free banking periods

Business bank accounts, including contractor accounts, can include free banking for periods of up to 26 months when you sign up for a new account.

Low monthly fees

After any free banking period, the fees for contractor accounts are generally lower than standard a business account, as contractors generally have less transactions and lower balances than a large business account.

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